Chipper, an Austin, Texas-based provider of an app for paying off student loans, raised $5.6 million in seed funding.
The round was led by Freestyle Capital, Slauson & Co., and Propel Venture. Backers also include investors from the Cap Table Coalition and fintech leaders Ethan Bloch of Digit, founder of Loop John Henry, and Craig Lewis of Gig Wage.
The company intends to use the funds to grow its existing user base of 80,000+ users, the team, marketing, and product expansions including the launch of new programs like Chipper Rewards.
Led by Tony Aguilar, founder and CEO, Chipper is an app that works to empower student loan borrowers to repay their debt faster. Launched in 2020, the app provides student loan repayment solutions supporting borrowers in every step of their journey. Its algorithm identifies options for repayment, management and even loan forgiveness tailored to individual users. Chipper guides users through their recommended plans, streamlines paperwork, and provides 1-on-1 advice from its team of student loan experts.
Revenue is obtained through a tiered membership program. It’s completely free to sync loans from a servicer and explore forgiveness and repayment options. Users can enroll with Chipper+ for additional support, auto-enrollment for forgiveness or repayment programs, and access to round-ups for $4/month. Users can also access the round-ups service on its own for $2/month.
FinSMEs
10/03/2022